JD Stettin of Carnegie Capital closed a bank refinance for a 90-bed skilled nursing facility in north central Texas. Built in the 1980s, the facility was acquired by the borrower less than two years ago. It was occupied in the high-80s, and while cash flow was positive (with around 30% of its NOI derived from QIPP revenue), it did not cover debt service yet. So, ownership sought a bank refinance totaling $7.0 million. The loan came with an interest rate of 8% fixed for five years, and the borrower could prepay without penalty after year three.
Carnegie Capital Secures SNF Bank Refinance
